Rosneft (Moscow) and Mitsui & Co. have signed a memorandum of understanding (MOU) to develop jointly Rosneft's previously announced Far East Petrochemical Co. (Fepco) project near Nakhodka, Russia, Rosneft announced today. The world-scale petrochemical complex, in its first stage, will be able to process 3.4 million m.t./year of feedstock, predominantly naphtha. The complex's combined capacity for olefins will be 2 million m.t./year, of which 1.4 million m.t. will be ethylene and 600,000 m.t. will be propylene. The complex is expected to be online in 2017...